Thursday, December 16, 2010

Asian markets fluctuate, FBM KLCI slips on profit taking

KUALA LUMPUR:'' Regional markets fluctuated on Thursday, Dec 16 following the weaker overnight close at Wall Street as well as on some profit taking on renewed concerns about the Euro zone debt situation.

However, a few of the key markets advanced in early trade as investors went bargain hunting and snapped up stocks battered over the past few days during which indications of an overheating global market sent punters on a selling spree.

Rating agency Moody's warned Spain on Wednesday that its credit rating could be downgraded and Portugal took steps to revive its economy amid concern about euro zone debt contagion on the eve of European Union summit.

On Bursa Malaysia, the FBM KLCI briefly slipped below the psychological 1,500-point level due to some mild profit taking.

At mid-morning, the 30-stock index fell 9.56 points to 1,499.54, weighed by losses at key blue chips including Petronas Dagangan, CIMB, Maybank, Tenaga and KLK.

Losers beat gainers 301 to 99, while 198 counters traded unchanged. Volume was 201.83 million shares valued at RM200.67 million.

At the regional markets, Japan's Nikkei 225 added 0.02% to 10,312.24, the Shanghai Composite Index edged up 0.03% to 2,912.39, Taiwan's Taiex added 0.43% to 8,793.93, Singapore's Straits Times gained 0.21% to 3,153,67m Hong Kong's Hang Seng Index opened 0.1% higher at 22,986.15 while South Korea's Kospi slipped 0.22% to 2,13.00.

On Bursa Malaysia, PetDag lost 24 sen to RM11.76, CIMB fell 15 sen to RM8.55, Tan Chong, DFZ Capital and Kossan fell 13 sen each to RM5.06, RM3.58 and RM3.23 respectively, Panasonic, KLK and Tradewinds fell 10 sen each to RM18.90, RM21.26 and RM5.75 respectively, while Top Glove lost nine sen to RM5.36.

Meanwhile, Maybank fell five sen to RM8.50, Tenaga down four sen to RM8.35 and Maxis down three sen to RM5.27.

Gainers in early trade included Guan Chong, Kuchai, Hap Seng, GAB, MT Capital, Perstima, Kluang and Hong Leong Bank.

LCL Corp was actively traded and fell after it was warned by Bursa Malaysia Securities that it faces suspension with effect from Dec 23. The stock lost 2.5 sen to 1.5 sen with 7.46 million shares done. Other actives included Karambunai, KNM, Menang, Fitters, Ho Wah Genting, Hubline and Olympia.

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